Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty ImagesGood morning! Here's the latest in trending:Didn't imagine it: Pentagon admits U.S. was not prepared for drone warfare.Memory costs: Nintendo (NTDOY) Switch 2 unit sales tank after price hikes.Re-routing: Trump-Putin diesel deal at risk as U.S.-bound tankers change course.U.S. stocks rallied broadly on Wednesday after Democrats won control of Congress in a midterm election landslide. Markets tend to like the sense of certainty surrounding gridlock, as well as checks related to tariffs and affordability, government spending, or scrutiny on Big Tech that might limit their capex. While Washington captured the headlines, voters also weighed in on pivotal state-level economic initiatives that signaled where fiscal policy is heading nationwide.Florida Amendment 3: Homeowners are set to get a big break as the tax-free value on primary homes jumps from $50K to $150K next year (and $250K in 2028) for non-school property taxes. Landlords and local businesses benefit too because the maximum yearly increase on their taxable property value will be cut in half from 10% to 5%. However, new residents moving to the state will have to wait five years with the old $50K break before they can unlock the expanded relief. (Approved 62.0% to 38.0%)California Proposition 40: This measure would've slapped billionaire residents with a one-time 5% tax on their total worldwide wealth to fund state healthcare, public schools, and food assistance programs. It didn't pass, likely because of fears it would discourage California business investment or risk expanding to millionaires and the middle class. It may have also been seen as promoting "one-time" capital levies instead of structurally balanced budgets. (Rejected 55.3% to 44.7%)Arizona Proposition 316: With affordability on the ballot, this initiative targeted supermarket inflation by freezing new taxes and increases through June 30, 2027. After that, local governments need voter approval to introduce or raise grocery taxes, subject to a 2% ceiling, while existing rates at or above 2% can remain but cannot increase. It aims to protect household budgets for consumers while encouraging fiscal restraint across municipal governments. (Passed 61.5% to 38.5%)Here's the latest Seeking Alpha analysisThe Best Businesses I Know Are 30% Off - I'm BuyingMicron: A $150 Billion AI Reckoning Is ComingThe Semiconductor Selloff Was A Gift Heading Into 2027Hard To Imagine A Retirement Portfolio Without These 2 Dividend MachinesYear-End Rally Watch: Fundamentals Vs. FOMOWhat else is happening...Dow (DJI) sees best day in 1.5 years after Democrats' sweep.Meta executive says election adds hurdles to data center expansion.Up: AppLovin (APP) shares rally as Q3 results top estimates.Down: Qualcomm (QCOM) slides as guidance overshadows results.WAYMO to end exclusive Uber (UBER) robotaxi tie-up in two cities.CVS (CVS) hits six-month low as breakup plan overshadows beat.Rhythm (RYTM) jumps on report of AstraZeneca's (AZN) $10B offer.Gold soars past $4K in biggest daily gain since August; dollar weakens.HP (HPQ) appoints former GSK (GSK) head as its new CEO.Oil industry fears Democrats may push for a windfall profits tax.Today's MarketsIn Asia, Japan -1.8%. Hong Kong +3.7%. China +0.1%. India +2.6%.In Europe, at midday, London +0.8%. Paris +0.8%. Frankfurt +0.6%.Futures at 6:30, Dow +0.7%. S&P +0.2%. Nasdaq -0.5%. Crude +0.8% to $88.81. Gold +1.8% to $3,146.90. Bitcoin +2.2% to $80,267.Ten-year Treasury Yield unchanged at 4.88%.On The CalendarCompanies reporting today include ConocoPhillips (COP) and Cloudflare (NET).See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.